DBA Raises $68M for Second Crypto Fund, Reveals Material Position in HYPE Token

DBA, a New York-based cryptocurrency investment firm co-founded by former Galaxy Digital Co-Head of Investments Michael Jordan and Jon Charbonneau, has closed $68 million for its second venture fund. The amount more than doubles the $50 million raised for its debut fund in 2023.

The firm also disclosed that it holds a material position in the HYPE token, as do both co-founders personally. This conflict of interest is relevant given DBA's advocacy for a supply change on the Hyperliquid network that could affect token value.

DBA's portfolio reflects a bet on base-layer infrastructure, Bitcoin scaling, and decentralized exchange infrastructure - areas attracting significant capital over the past 12 months. DoubleZero, one of its positions, closed a $28 million seed round in March led by Multicoin Capital and Dragonfly at a $400 million valuation.

The firm initially targeted $500 million for its first fund but scaled back amid market downturns. Its two closed funds now total $118 million in committed capital, with DBA maintaining 10 to 15 concentrated positions at any given time.